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Ameren Business Segments

Business, geographic, and product segment breakdowns

Ameren generates $8.9B in annual revenue across 4 key segments: Ameren Illinois Electric Distribution ($2.5B), Ameren Illinois Natural Gas ($436.0M), Ameren Illinois Transmission ($647.0M), and Ameren Transmission ($879.0M). The company-wide operating margin is 23.97%. Based on the Q1 2026 filing.

Ameren Illinois Electric Distribution (TTM)$2.5BAmeren Illinois Natural Gas$436.0MAmeren Illinois Transmission (TTM)$647.0MAmeren Transmission (TTM)$879.0MUnion Electric Company (TTM)-$35.0M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$30.0B
P/E Ratio19.59
ROE11.86%

Products & Services

External revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric$1.6B$1.6B$2B$2.6B$1.4B$1.7B
Natural gas$321M$475M$183M$136M$337M$515M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electricity$1.6B$1.6B$2B$2.6B$1.4B$1.7B
Natural gas$321M$475M$183M$136M$337M$515M
Electric$455M$335M$655M$455M$125M$289M

Business Segments

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$873M$658M$667M$548M$629M$1.1B
Ameren Transmission$243M$173M$158M$174M$212M$204M
Ameren Illinois Electric Distribution$111M$167M$153M$163M$152M$196M
Ameren Illinois Transmission$203M$137M$138M$144M$144M$120M
Ameren Illinois Natural Gas—$59M$88M$78M—$72M

Cost, Depreciation, Amortization and Depletion

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$294M$194M$209M$239M$218M$214M
Ameren Illinois Electric Distribution—$91M$93M$92M—$96M
Ameren Transmission—$48M$49M$49M—$53M
Ameren Illinois Transmission—$36M$37M$37M—$40M
Ameren Illinois Natural Gas—$32M$33M$33M—$34M

External revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$980M$950M$1.3B$1.7B$785M$920M
Ameren Illinois Electric Distribution—$572M$573M$699M—$643M
Ameren Illinois Natural Gas—$411M$158M$117M—$436M
Ameren Transmission—$166M$161M$188M—$177M
Ameren Illinois Transmission—$117M$112M$130M—$120M

Fuel and purchased power

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$212M$223M$330M—$266M
Union Electric Company$382M$330M$614M$487M$107M$214M
Ameren Illinois Natural Gas—$0$0$0—$0
Ameren Transmission—$0$0$0—$0

Income Taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Natural Gas—$38M$3M-$4M—$44M
Ameren Transmission—$31M$33M-$16M—$32M
Ameren Illinois Electric Distribution—$16M$13M$19M—$24M
Ameren Illinois Transmission—$22M$25M$2M—$23M
Union Electric Company-$83M$4M$7M$32M$0$3M

Interest Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$57M$60M$70M$85M$82M$82M
Ameren Transmission—$29M$29M$31M—$30M
Ameren Illinois Electric Distribution—$26M$26M$28M—$28M
Ameren Illinois Transmission—$21M$21M$23M—$24M
Ameren Illinois Natural Gas—$15M$16M$16M—$16M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$8M$8M$6M—$6M
Union Electric Company$1M$2M$2M$3M$2M$3M
Ameren Illinois Natural Gas—$0$0$0—$0
Ameren Illinois Transmission—$1M$0$1M—$0
Ameren Transmission—$1M$0$1M—$0

Natural gas purchased for resale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Natural Gas—$139M$30M$19M—$137M
Union Electric Company$19M$30M$9M$6M$20M$34M
Ameren Illinois Electric Distribution$0$0$0$0$0$0
Ameren Illinois Transmission—$0$0$0—$0
Ameren Transmission$0$0$0$0$0$0

Net Income Available to Common Shareholder

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Natural Gas—$108M$10M-$13M—$122M
Ameren Transmission—$89M$86M$151M—$98M
Union Electric Company—$42M$150M$518M—$76M
Ameren Illinois Transmission—$65M$63M$104M—$68M
Ameren Illinois Electric Distribution—$63M$64M$57M—$66M

Other Income, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$52M$43M$47M$45M$45M$53M
Ameren Illinois Electric Distribution$25M$23M$23M$20M$23M$19M
Ameren Illinois Transmission$10M$6M$9M$6M$7M$7M
Ameren Transmission$12M$7M$10M-$3M$10M$7M
Ameren Illinois Natural Gas—$5M$5M$4M—$3M

Other operations and maintenance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$261M$250M$238M$260M$281M$264M
Ameren Illinois Electric Distribution$167M$166M$156M$171M$163M$160M
Ameren Illinois Natural Gas—$55M$55M$55M—$57M
Ameren Transmission$16M$19M$18M$19M$18M$19M
Ameren Illinois Transmission$14M$15M$14M$15M$12M$15M

Other revenues not from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$3M$5M$3M—$3M
Union Electric Company$3M$1M$2M$2M$1M$2M
Ameren Illinois Natural Gas—$1M$1M$0—$1M
Ameren Illinois Transmission—$0$0$0—$0
Ameren Transmission—$0$0$0—$0

Preferred Stock Dividends

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$0$1M$1M$1M$0$1M
Ameren Illinois Electric Distribution$0$0$1M$0$0$0
Ameren Illinois Natural Gas—$0$0$0—$0
Ameren Transmission$1M$0$0$0$1M$0

Purchased Power

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution$176M$212M$223M$330M$176M$266M
Ameren Illinois Natural Gas—$0$0$0—$0
Ameren Illinois Transmission—$0$0$0—$0

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution$522M$572M$573M$699M$555M$643M
Ameren Illinois Natural Gas—$411M$158M$117M—$436M
Ameren Transmission$195M$210M$208M$240M$204M$227M
Ameren Illinois Transmission$142M$154M$152M$176M$155M$164M
Union Electric Company-$8M-$7M-$8M-$9M-$8M-$10M

Revenues from alternative revenue programs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ameren Illinois Electric Distribution—$21M-$8M-$187M—$46M
Ameren Illinois Natural Gas—$3M$1M-$10M—$17M
Ameren Transmission$22M-$1M-$8M-$12M-$5M-$4M
Ameren Illinois Transmission$20M-$1M-$7M-$12M$0-$3M
Union Electric Company$11M-$5M$1M$0-$1M-$3M

Taxes other than income taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Union Electric Company$85M$89M$89M$122M$93M$95M
Ameren Illinois Natural Gas—$29M$16M$15M—$29M
Ameren Illinois Electric Distribution$18M$21M$20M$22M$19M$22M
Ameren Transmission$3M$1M$3M$3M$2M$2M
Ameren Illinois Transmission$0$1M$1M$1M$2M$1M